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Jack Tasker opened his Auto Repair Shop in November 2020. The balance sheet at November 30, 2020, prepared by an inexperienced part-time bookkeeper, is shown
Jack Tasker opened his Auto Repair Shop in November 2020. The balance sheet at November 30, 2020, prepared by an inexperienced part-time bookkeeper, is shown below. Assets Cash Accounts payable Equipment Jack Tasker, capital Total income Tasker Auto Repair Shop Balance Sheet November 30, 2020 Liabilities and Equity $ 7,200 Parts and supplies $ 16,500 42,200 Accounts receivable 47,200 22,100 Mortgage payable 29,300 21,500 $ 93,000 Total equities $ 93,000 Required: Prepare a correct balance sheet. TASKER AUTO REPAIR SHOP Balance Sheet November 30, 2020 Assets Liabilities Total liabilities Equity Total assets Total liabilities and equity
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